EUR/USD Forecast August 17, 2016, Technical Analysis

EUR/USD rose significantly during the course of the day on Tuesday, breaking above the 1.12 level. As I had suggested previously, if we got above the 1.12 level, we then would more than likely reach towards the 1.1350 level. This has happened, so now a slight pullback could be coming. However, it’s likely that the buying pressure could continue, because quite frankly this is a very significant candle. I believe that we have an upward bias, but we also have a lot of noise above. With this, I still think that it’s going to be easier to buy the Euro against other currencies.